Business News
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KIBOR rate hits 13-year high | The Express Tribune
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[ad_1] KARACHI: The commercial banks’ benchmark lending rate Kibor hit a 13-year high at 14.10% on Tuesday, in anticipation of a further spike in inflation reading, as the new PML-N coalition government is considering withdrawing subsidies on energy products to win back the International Monetary Fund (IMF) loan programme. The six-month Kibor (Karachi inter-bank offered…
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Germany aims to find alternative to Russian oil | The Express Tribune
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[ad_1] BERLIN: Germany hopes to find a way within days to replace Russian oil with supplies from other sources, Economy Minister Robert Habeck said on Tuesday, adding that Germany could then cope with an EU embargo on Russian oil imports. Under pressure to reduce its dependence on Russian energy, following Moscow’s invasion of Ukraine, Germany…
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Asim Ahmed likely to become FBR chairman | The Express Tribune
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[ad_1] ISLAMABAD: The government has decided to appoint Asim Ahmed as chairman of the Federal Board of Revenue (FBR), who will be facing an immediate task to prepare next year’s budget with an aim to collect around Rs7 trillion in taxes and clean the department from tainted taxmen. Asim’s appointment will initially be made for…
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China asked to finance ML-I project | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan on Tuesday again requested China to consider financing the single largest China-Pakistan Economic Corridor (CPEC) project – the $6.8 billion Mainline-I (ML-I) project – after the Railways Ministry disclosed that Beijing was not willing to fund the scheme due to objections over the approved cost. The request was made by Planning Minister…
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Oil rebounds from drop on China demand concerns | The Express Tribune
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[ad_1] LONDON: Oil prices rebounded in volatile trading on Tuesday as the market weighed concerns over Russian supply and Chinese demand. Brent crude futures were up $1.26, or 1.2%, at $103.58 a barrel by 1355 GMT while US West Texas Intermediate contracts were up $1.14, or 1.2%, at $99.68. Brent and WTI had settled about…
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Pak Suzuki goes from profit to loss | The Express Tribune
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[ad_1] KARACHI: Pak Suzuki Motor Company (PSMC) has reported a net loss of Rs460.2 million in the first quarter ended March 31, 2022, mainly due to a surge in the import cost of parts amid massive Pakistani rupee depreciation. The company had posted a net profit of Rs777.9 million in the same quarter of the…
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World’s airline capacity hits 2022 high | The Express Tribune
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[ad_1] WASHINGTON: Global airline capacity has surged to its highest level in 2022 this week because of a rebound in Chinese domestic demand despite extended lockdowns in Asia’s biggest aviation market, travel data firm OAG said on Tuesday. Asian jet fuel refining margins, which have more than doubled in the past two months, were at…
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Pakistan to set up new LNG terminal | The Express Tribune
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[ad_1] Pakistan is poised to embrace a new LNG terminal as Daewoo Gas has signed an EPCF (engineering, procurement, construction and finance) contract with the Fourth Construction Company Limited (FCC) of China National Chemical Engineering Group Corporation (CNCEC) on April 21. With a nameplate capacity of 2.5 million tons per annum (mtpa) of LNG, this…
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Market watch: Stocks fall as market fails to sustain gains | The Express Tribune
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[ad_1] KARACHI: The Pakistan Stock Exchange witnessed a volatile trading session on Tuesday, as the benchmark KSE-100 index after staying range bound throughout the day, shed around 255 points to settle below the psychological barrier of 46,000 points. Despite fresh appreciation of the rupee against the US dollar, the sentiment remained depressed as investors opted…
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Fuel subsidy only for motorcyclists, not for elites: Miftah | The Express Tribune
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[ad_1] ISLAMABAD: Minister for Finance Miftah Ismail has said the government will devise a policy to increase petroleum prices, adding that the “elite class having big vehicles could not be given subsidy, however, those using less petrol such as motorcyclists would be given relief”. Talking to a private news channel on Monday, Miftah – who…
